Per capita real GDP levels provide one possible measure of a country's standard of living
Indicate whether the statement is true or false
TRUE
Economics
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If a new home can be constructed for $150,000, what is the opportunity cost of federal defense spending, measured in terms of private housing? (Assume a defense budget of $700 billion.)
Economics
Observations of inflation in the 1970s prompted what further addition to the Phillips curve?
A) price shocks B) expected inflation C) personal consumption expenditures D) all of the above E) none of the above
Economics
Demand-pull inflation is typically caused by rapidly rising costs of production
a. True b. False Indicate whether the statement is true or false
Economics
In the long run, a perfectly competitive firm maximizes profit so P = MC = AC
a. True b. False Indicate whether the statement is true or false
Economics